- GBPUSD 4H Chart - Price Action & Wave Analysis
- Market made higher highs, with clear Wave 3
- Monthly double bottom and strong bullish candle
- Currently in Wave 4 with 5-Wave correction
- Retracement should end around 38% or in rare case 50% Fibonacci
- Wave 2 made deep correction to exactly 61% Fib, so shallow on wave 4 is expected
- Look for significant 1h or 4h price action to catch the next impulsive Wave 5
- Around 1,32000-1,32500 a stronger daily correction could start to form bigger Wave 2
Just for educational purpose. This is no investment advice. Learn how to trade on demo account first before risking your own money.
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